VIENTIANE (LAOS) — Representatives from the member states of the Association of Southeast Asian Nations (ASEAN) have met in the Lao capital, Vientiane, to discuss enhancing regional trade by simplifying trade barriers and implementing trade facilitation measures.
The representatives gathered on Monday for the 38th ASEAN Free Trade Area (AFTA) Council Meeting, according to a report from Laos' Ministry of Industry and Commerce on Tuesday.
In his opening remarks, Lao Minister of Industry and Commerce Malaythong Kommasith highlighted the importance of the meeting in continuing to integrate ASEAN as a single competitive production hub, according to Xinhua news agency.
Trading among ASEAN countries has made significant strides since the ASEAN Free Trade Area was established in 1992. ASEAN has eliminated tariffs on 98.6 per cent of all tariff items and is continuing to refine the ASEAN Single Window Tax Notification System to reduce trade costs and facilitate business in the region.
These measures have led to a marked growth in trade, with the value of intra-ASEAN trade in 2023 reaching US$ 759 billion, accounting for 21.5 per cent of the total trade value by ASEAN countries.
"In the past year, we have fulfilled work plans on creating the ASEAN Free Trade Zone and achieved many goals. In particular, we were able to resolve issues arising from the ASEAN Trade Agreement and the use of electronic trade documents through the ASEAN Single Window Tax Notification Service System," said Malaythong.
The meeting was held to broaden and deepen regional trade and further integrate trade.
The meeting focused on considering and adopting a report from an ASEAN senior economic officials committee, a report from a negotiating committee on upgrading the ASEAN Trade Agreement, and a joint statement of the 38th AFTA Council Meeting.